Share this on WhatsApp
Corporations
Powers vested in corporations
As stated by the Canada´s Interpretation Act, which provides rules for the interpretation of legislation, words establishing a corporation shall be construed:
- as vesting in the corporation power to sue and be sued, to contract and be contracted with by its corporate name, to have a common seal and to alter or change it at pleasure, to have perpetual succession, to acquire and hold personal property for the purposes for which the corporation is established and to alienate that property at pleasure;
- in the case of a corporation having a name consisting of an English and a French form or a combined English and French form, as vesting in the corporation power to use either the English or the French form of its name or both forms and to show on its seal both the English and French forms of its name or have two seals, one showing the English and the other showing the French form of its name;
- as vesting in a majority of the members of the corporation the power to bind the others by their acts;
- as exempting from personal liability for its debts, obligations or acts individual members of the corporation who do not contravene the provisions of the legislation establishing the corporation.
Share this on WhatsApp